NMS Capital has recapitalized Irving, Texas-based Strive Medical, a provider of urological, wound care, and other disposable medical supplies to patients in home settings. No financial terms were disclosed.
New York, NY, December 17, 2020 – NMS Capital (“NMS”) announced today that it has partnered with Company management in the recapitalization of Strive Medical (“Strive” or the “Company”). Terms of the transaction were not disclosed.
Headquartered in Irving, TX, Strive provides urological, wound care, and other disposable medical supplies to patients in the home setting across 19 states. The Company has a current urology census of over 3,500 patients and maintains over 280 payor contracts and 600 active referral sources. Since its founding, Strive’s focus is to provide patients with chronic medical conditions the highest quality customer service and best products to fit their needs. Founder and Chief Executive Officer Monty McKellar will continue in his role, while current Vice Presidents Josh Rosenthal and Jimmy Velasco will assume the roles of Chief Operating Officer and Chief Sales Officer, respectively.
Approximately 20 million Americans suffer from chronic urological disorders, which require ongoing usage and replacement of products such as intermittent and foley catheters. With an aging population, these disorders will continue to be extremely prevalent over time. The wound care market exhibits similar dynamics, with approximately 6 million Americans suffering from prolonged and difficult-to-heal wounds who require regular replacement of products that range from traditional bandages to advanced dressings. The chronic nature of these disorders, coupled with the need for frequent replacement of equipment creates highly recurring demand in these specialized markets, which Strive has been able to effectively address across patient populations throughout the U.S.
“Our team is very excited to be entering into this next chapter with NMS. Their extensive knowledge of the urology and wound care fields, along with their partnership-focused approach make them the right partner for Strive” said Mr. McKellar. “We’ve successfully grown the business to where we are today, and NMS’ investment will help us propel Strive’s growth and expansion into new markets and arenas. Since day one, Strive has been committed to providing the best possible care to those that we serve, and we look forward to working closely with our new partners to continue to deliver the highest quality service to our patients.”
Luis Gonzalez, Partner at NMS, commented, “We evaluated a number of specialty healthcare distribution opportunities and believe Strive is uniquely positioned for continued growth as one of the few remaining independent distributors of urological and wound care supplies. Strive’s leadership team has developed a differentiated growth strategy and we are excited to partner with the Company to increase market penetration, expand geographic coverage, and grow Strive’s product offering organically and through acquisitions. NMS looks forward to building upon Strive’s commitment to patients, providers, and payors as the Company continues its path to becoming a quality and market leader in the industry.
McDermott Will & Emery provided legal advice to NMS. Lincoln International served as financial advisor and Greenberg Traurig provided legal advice to Strive.
About Strive Medical:
Strive Medical a provider of direct-to-patient urological and wound care supplies to patients in the home setting, serving patients across 19 states. Strive is headquartered in Irving, Texas (outside of Dallas) and operates 14 satellite offices across its covered states. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available. For additional information on Strive, please visit the company’s website at www.strivemedical.com.
About NMS Capital:
NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The firm was formed through the spin-out of a group of portfolio companies from Goldman Sachs’ Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Business Services and Healthcare Services. For additional information on NMS, please visit the firm’s website at www.nms-capital.com.